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Casablanca Mining announced today that its wholly-owned subsidiary, Santa Teresa Minerals, S.A., signed an agreement to acquire interests in a hard rock gold mine in Rancagua, Chile. Once the transaction is completed, Santa Teresa Minerals will own 70% of the mining rights to the property. The transaction has been submitted to local mining authorities for approval and recording and completion of the transaction is subject to certain other conditions. The name of the property will be announced once the transaction is complete.
“We continue to add shareholder value by increasing our gold mining portfolio.”
Juan Carlos Camus Villegas, CEO of Casablanca Mining and Santa Teresa Minerals, stated, “We continue to add shareholder value by increasing our gold mining portfolio.” He added, “We intend to begin mining the new gold property in the fourth quarter using additional investments made by Angelique de Maison and other investors.”
Zirk Engelbrecht, President of Casablanca Mining, added, “We are very happy with the price and terms we negotiated for this mining property. We continue to implement our strategy of creating joint ventures with families in Chile and employing more Chileans while continuing to increase our shareholder value. We are giving the families that own these properties the opportunity to unlock the potential wealth in the mineral rights they own, while gaining majority ownership for Casablanca Mining.”
About Casablanca Mining, Ltd.:
Casablanca Mining (OTC: CUAU), through its wholly owned subsidiary Santa Teresa Minerals, S.A., engages in the acquisition, exploration, development, and operation of precious metal properties in South America. Its gold and copper mining operations are based near Santiago, Chile. Santa Teresa Minerals currently has, directly and indirectly through various equity interests, mining rights in a producing gold mine, “Free Gold,” and in an exploration project, the “Casuto Project,” consisting of Los Azules 1-3, Tauro 1-6, and Los Chipi 1-16. These projects include 30 different mining and mineral exploration properties including gold, copper and copper sulfate. Santa Teresa Minerals also owns a 60% equity position of Sociedad Sulfatos Chile S.A., a copper sulfate production project that owns the Anica Copper Mines, and a 60% equity position in a company with the rights to a revolutionary mining technology that extracts gold, silver and copper from raw mining materials using a proprietary and patented electrolysis method of electromining.
via Casablanca Mining Signs Agreement to Acquire New Gold Property in Chile | Business Wire.
